Question

Liam deposited $1,859.69 in a savings account that earns 2.4% simple interest. What will Liam's account balance be in 9 months

Answer 1

keeping in mind that 9 months is not even a year, since there are 12 months in a year, then 9 months is just 9/12 of a year, or 3/4, thus


`\bf ~~~~~~ \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \$1859.69\\ r=rate\to 2.4\%\to (2.4)/(100)\to &0.024\\ t=years\to (9)/(12)\to &(3)/(4) \end{cases} \\\\\\ A=1859.69\left( 1+0.024\cdot (3)/(4) \right)\implies A=1859.69(1.018)`